South Korea's SK Innovation to Expand US Shale Business

South Korea’s SK Innovation. will expand its US shale business, said company’s President Koo Ja-young.

"We will change our US unit to an outpost to spearhead development of unconventional energy sources like shale gas," Koo Ja-young said during his trip to US, according to Yonhap News Agency.

In April this year, company’s subsidiary SK E&P America Inc. acquired controlling shares in two oil fields in Oklahoma and Texas in April for $360 million.

Some 15 percent of oil produced at the Oklahoma field is extracted from the shale stratum, the company said.

SK Innovation is the only South Korean refinery that produces shale gas or oil in overseas oil fields, the company added.